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Shareholders shoehorn Glencore into a tight spot

Xstrata Plc shareholders have approved the $90-billion all-share merger with Glencore International Plc, but failed to back a scheme to retain key management after the deal is done.

This leaves Glencore, which originally worked with Xstrata to come up with the retention plan, in the interesting position of needing to keep key Xstrata personnel in the newly merged firm after being told by their shareholders that they cannot pay up to do so.

In theory, Mick Davis, Xstratas well-respected chief executive who led the team and created the FTSE-listed miner from scratch, could leave the firm as soon as the deal is concluded.

Davis had said he would stick around for six months during the transition phase, but that option was conditional on the incentives package being approved.

Davis told shareholders at meetings held Tuesday, Nov. 20 that he has yet to decide his future but that he wont be retiring from the commodities world. ....

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